The CARES Act Still Leaves Homeowners Vulnerable

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Homeowners face a cut in retirement. Here’s why and what you can do to help

Nothing stings so sharply as getting knocked down just a few feet from the finish line. The Bureau of Labor Statistics reveals that workers 55 have been especially hard-hit. Workers in this age group saw unemployment jump from 3.3% in March to 11.8% in May. Even more devastating is that many older workers over the age of 50 are aggressively saving to catch up on retirement contributions after the costs of childrearing and college are behind them. This impacts not only monthly income but future retirement earnings and payouts. In addition, unemployment may force many to forego a large monthly Social Security benefit instead of opting for an earlier start date with a smaller payout. Such is the situation millions of older Americans are facing today as a result of the COVID-19 pandemic and economic freeze that is just beginning to thaw. If anything is certain for those nearing retirement it is ironically uncertainty itself.

Thanks to the CARES Act

 

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